H.R. 3672
IntroducedSecurities Research Modernization Act
Plain-language analysis
Not yet analyzed.
A plain-language breakdown — including any hidden or off-intent provisions and whether the bill was fast-tracked — is generated separately and reviewed before publishing. It will appear here once ready. Until then, the verbatim text below and the official source are the record.
Full text of the bill
Official source on Congress.gov ↗[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 3672 Reported in House (RH)]
<DOC>
Union Calendar No. 167 119th CONGRESS 1st Session H. R. 3672
[Report No. 119-204]
To amend the Securities Act of 1933 to expand the research report exception to include reports about any issuer that undertakes a proposed offering of public securities.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 2, 2025
Mr. Williams of Texas (for himself and Mr. Fields) introduced the following bill; which was referred to the Committee on Financial Services
July 15, 2025
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed [Strike out all after the enacting clause and insert the part printed in italic] [For text of introduced bill, see copy of bill as introduced on June 2, 2025]
_______________________________________________________________________
A BILL
To amend the Securities Act of 1933 to expand the research report exception to include reports about any issuer that undertakes a proposed offering of public securities.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Securities Research Modernization Act''.
SEC. 2. PROVISION OF RESEARCH REPORT.
Section 2(a)(3) of the Securities Act of 1933 (15 U.S.C. 77b(a)(3)) is amended--
(a) by striking ``an emerging growth company'' and inserting ``an issuer'';
(b) by striking ``the common equity'' and inserting ``any''; and
(c) by striking ``such emerging growth company'' and inserting ``such issuer''. Union Calendar No. 167
119th CONGRESS
1st Session
H. R. 3672
[Report No. 119-204]
_______________________________________________________________________
A BILL
To amend the Securities Act of 1933 to expand the research report exception to include reports about any issuer that undertakes a proposed offering of public securities.
_______________________________________________________________________
July 15, 2025
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed